Incomplete BIS testing cannot justify reclassification or confiscatory action; declared customs classification restored and enhanced redemption fine s...
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Insolvency and BankruptcyApril 22, 2024Case LawsAT
Admission of Section 7 Application of the Financial Creditor - Corporate Debtor / Guarantor failed to fulfil obligations - The tribunal noted the specifics of the guarantee, where the corporate guarantor's liability was capped to the value of the collateral lands. However, it pointed out that the guarantee remains in effect and binds the guarantor to fulfill the obligations if the principal borrower defaults. Ultimately, the tribunal found no legal infirmity in the decision of the lower tribunal (NCLT) to admit the CIRP application against the corporate guarantor.
Admission of Section 7 Application of the Financial Creditor - Corporate Debtor / Guarantor failed to fulfil obligations - The tribunal noted the specifics of the guarantee, where the corporate guarantor's liability was capped to the value of the collateral lands. However, it pointed out that the guarantee remains in effect and binds the guarantor to fulfill the obligations if the principal borrower defaults. Ultimately, the tribunal found no legal infirmity in the decision of the lower tribunal (NCLT) to admit the CIRP application against the corporate guarantor.
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